Buffett: My rule 'doesn't cure all'

Billionaire Warren Buffett said Monday that President Barack Obama’s tax plan in his name would offer a “small improvement in a very bad tax system.”

Buffett told CNBC he continues to support the so-called “Buffett rule” to raise taxes on the wealthy, but noted he would have written the bill “a little” differently himself.

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The rule, he noted, “doesn’t cure all.”

“It is a small improvement in a very bad tax system,” he said during his CNBC appearance. “It doesn’t cure all, it doesn’t cure all revenue problems remotely. In my original article, I said, we’ve got major problems on the expenditure side. But, all it does is it says, when you’ve got 131 of the 400 largest incomes in the country that are averaging 270 million, if you have a third of them paying at rates less than 15 percent counting payroll taxes, that this is something that should be corrected.”

Buffett added in the interview that he did not think the “rule at all has been butchered” by politicians in D.C., but said “obviously, if I were writing the bill myself it would be a little different.”